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Nucleus Software announces Q1 FY 11 Results

August 2, 2010 | Press Release
New Delhi, India, August 2, 2010: Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: 531209), has announced Q1 results for the financial year 2010-11

Nucleus Software consolidated revenue for the quarter ending June 30, 2010, is at Rs. 66.14 crore in comparison to Rs. 80.54 crore in the corresponding quarter of the previous year. With total expenses at Rs. 61.43 crore in comparison to Rs. 64.53 crore in the corresponding quarter of the previous year, the consolidated EBITDA is at Rs. 4.71 crore in comparison to Rs. 16.01 crore in the previous year. Net Profit after Tax (PAT) is at Rs. 5.29 crore in comparison to Rs.10.13 crore in the corresponding quarter of the previous year.

Highlights

Quarter Ended June 30, 2010

  1. Consolidated revenue at Rs. 66.14 crore from software products and software development services in comparison to Rs. 80.54 crore in the corresponding quarter of the previous year.
  2. Product business revenue for the quarter at Rs. 42.95 crore in comparison to Rs. 47.31 crore in the corresponding quarter of the previous year.
  3. EBITDA at Rs. 4.71 crore in comparison to Rs .16.01 crore in the corresponding quarter of the previous year.
  4. Net Profit after Tax (PAT) at Rs. 5.29 crore in comparison to Rs. 10.13 crore in the corresponding quarter of the previous year.
  5. Earning Per Share for the quarter at Rs. 1.63 in comparison to Rs. 3.13 in the corresponding quarter of the previous year.
Other Key Information

For the Quarter Ended June 30, 2010 

  1. Won 15 new product orders worldwide
  2. 14 new customers added in the quarter
  3. Won orders for 48 product modules of FinnOne™ and CASH@WillTM Suite 1
  4. 6 product modules successfully implemented across the globe
  5. Global strength of employees as on June 30, 2010 is 1528
Vishnu R Dusad, CEO and Managing Director, Nucleus Software said, “This has been a difficult quarter with both revenue and profitability declining on a year on year and sequential basis. The decline in revenue is a consequence of the weak order book at the beginning of the quarter. At the end of the quarter, with the improvement in the economic environment and 15 new order wins, there is an improvement in the order book and we are on course to improve performance in the coming quarters.”

Niraj Vedwa, COO, Nucleus Software said, “Our investments into Sales, marketing and new geographies have started generating results with 15 new product orders to implement 48 modules in 22 countries. We have bagged a large order from Europe from one of the Top 10 banks to implement our Cash management product in 14 countries. With increase in business in hand, high visibility on prospects and high focus on quality and timely delivery besides operational efficiency, we are confident of delivering better results going forward.”

Expansion of services and significant projects

New Client Wins
Nucleus bagged 15 new product orders and acquired 14 new customers for implementing 48 product modules of the FinnOne™ and CASH@WillTM Suite in the first quarter of year 2010-2011.  

     Successful Global Implementations
This quarter 6 product modules went live in various markets across the globe. Some of the implementations were completed in record time. This further gave increased visibility to Nucleus in the global markets, and reaffirmed its standing in the global lending and cash management space.


About Nucleus Software

Nucleus Software (BSE & NSE: NUCLEUS) is the leading provider of lending and transaction banking products to the global financial services industry. Its software powers the operations of more than 150 companies in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance and other business areas. Nucleus Software is known for its world-class expertise and innovation in lending and transaction banking technology. It has two flagship products, built on the latest technology:
  • FinnOneTM 10 time winner - World’s Best Selling Lending Solution. 
  • FinnAxiaTM, an integrated global transaction banking solution used by banks worldwide to offer efficient and Innovative global payments and receivables, liquidity management and business internet banking services.
Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit: http://www.nucleussoftware.com/safe-harbor.

For Media related information, please contact:

Rashmi Joshi, Nucleus Software
Email: rashmi.joshi@nucleussoftware.com
Phone: +91-9560694654